KUALA LUMPUR: Malaysian palm oil futures hit a one-week low on Tuesday and were headed for a fourth straight session of fall, but traders said strong export outlook is expected to support the market.
The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange was down 0.2 percent at 2,799 ringgit ($668.02) a tonne at the midday break.
It earlier fell to 2,794 ringgit, its lowest since Sept. 12. Traded volumes stood at 18,130 lots of 25 tonnes each at noon. "The market declined due to technical reasons, but is expected to be supported today on exports," said a futures trader from Kuala Lumpur, referring to export data from cargo surveyors.
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